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VERSION:2.0
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DTSTAMP:20260924T101413Z
DTSTART;VALUE=DATE:20270228
DTEND;VALUE=DATE:20270305
SUMMARY:Monetary Policy Implementation
TRANSP:TRANSPARENT
UID:2027_03_01_monetary_policy_implementation_1007578
DESCRIPTION:Objective\n\nThe implementation of monetary policy requires b
 oth well-defined goals and a consistent set of policy instruments to ach
 ieve them. This one-week course will examine central banks’ monetary pol
 icy operations in the context of the broader monetary policy strategy. I
 t will emphasise the link between policy formulation and implementation\
 , discuss monetary policy objectives and instruments and explain the fun
 ctioning of the monetary policy transmission mechanism. The focus will t
 hen move to the operational details of implementing monetary policy\, in
 cluding the interest rate steering approach and the role of the central 
 bank’s balance sheet. The course will also cover specific aspects of mon
 etary policy implementation: liquidity analysis\, the operational design
  of conventional and unconventional monetary policy instruments\, the ro
 le of foreign exchange interventions and the consistency of operational 
 frameworks. Finally\, there will be an opportunity to consider current d
 evelopments in monetary policy implementation\, such as central bank dig
 ital currencies (CBDCs) environmental\, social and governance (ESG) aspe
 cts.\n\nUpon completion of this course\, participants should be able to:
  formulate principles for monetary policy and the implications for monet
 ary operations\; describe monetary policy implementation using an intere
 st rate steering approach\, as well as the role of the central bank’s ba
 lance sheet\; conduct liquidity analysis\; understand the operational de
 sign of monetary policy instruments\; analyse foreign exchange intervent
 ions\; assess the consistency of operational frameworks\; understand mon
 etary policy implementation in the Eurosystem\; understand ESG-related c
 hallenges\; understand implications of CBDCs.\n\nTarget Group \n\nJunior
  to mid-level central bank officials working in monetary policy operatio
 ns\; and (ii) officials from central banks or ministries of finance/econ
 omy whose responsibilities require\, or who have a strong interest in ac
 quiring\, a thorough understanding of monetary policy implementation.
LOCATION:Vienna\, Austria
CONTACT:Deutsche Bundesbank – CIC\, tzk@bundesbank.de\, +49 69 9566-36605
 
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